DailyPay Works With BMO to Offer Commercial Customers Earned Wage Access

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Sep 21, 2023, 10:00 ET

CHICAGO, Sept. 21, 2023 /PRNewswire/ -- BMO is partnering with DailyPay to provide earned wage access to employees of BMO's commercial clients, providing real-time access to their wages as they earn them with the funds deposited in their direct-deposit account and available to them for immediate use.

"More than ever before, businesses require flexible digital payment solutions that reflect the changing economy and new expectations surrounding employees' payment preferences," said Andrew Harrison, Head of U.S. Digital Partners at BMO. "Partnering with DailyPay is one of the many ways we're empowering our clients to help their employees by providing innovative and convenient payment solutions."

DailyPay seamlessly integrates into employers' existing payroll systems to allow their employees to access their earned but unpaid income on their own schedule. With the power of choice and control over their earned pay, research from Aite Novarca, commissioned by DailyPay shows that users can worry less about money and manage their finances better—and ultimately will stay longer with their current employer.

In addition, offering DailyPay can help BMO's commercial clients gain a competitive advantage as it relates to hiring and recruiting in a historically tight labor market. Research from the Mercator Advisory Group, commissioned by DailyPay, shows that employee tenure increased by an average of 35% when they have the option for earned wage access.

"DailyPay is pleased to partner with top financial institutions like BMO to support their commitment to financial equity and inclusion," added Kevin Coop, CEO, DailyPay. "Our partnership will put our highly sought-after benefit in the hands of more businesses and their employees, ultimately driving better financial outcomes for all."

About BMO Financial Group
BMO Financial Group is the eighth largest bank in North America by assets, with total assets of $1.25 trillion as of July 31, 2023. Serving customers for 200 years and counting, BMO is a diverse team of highly engaged employees providing a broad range of personal and commercial banking, wealth management, global markets and investment banking products and services to over 13 million customers across Canada, the United States, and in select markets globally. Driven by a single purpose, to Boldly Grow the Good in business and life, BMO is committed to driving positive change in the world, and making progress for a thriving economy, sustainable future, and inclusive society.

About DailyPay
DailyPay, Inc., powered by its industry-leading technology platform, is on a mission to build a new financial system for everyone. DailyPay delivers the industry's leading on-demand pay solution with modern, insight-driven pay strategies that help America's leading employers to activate their workforce and build stronger relationships with their employees, so they feel more engaged, work harder, and stay longer. DailyPay works to ensure that money is always in the right place at the right time for employers, merchants, and financial institutions. DailyPay is headquartered in New York City, with operations based in Minneapolis and Belfast. For more information, visit www.dailypay.com/press.

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SOURCE DailyPay